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“For people with low literacy rates who are probably not able to manage portfolios and systematic withdrawals, it makes a lot of sense to come up with simple plans and strategies that are implementable,” said Jamie Hopkins, Retirement Income Program co director canada goose uk shop at The American College of Financial Services.
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But talking to retirees about investing all or a portion of their $200,000 nest egg into an Canada Goose Parka income annuity generating $700 a month for the rest of their lives?
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The survey found as a previous American College retirement income survey did in 2014 that large numbers of retirees fail income literacy standards.
buy canada goose jacket The bulk of respondents came away with dismal results: 74 percent earned a failing grade, 13 percent earned canadian goose jacket a D, Canada Goose sale 8 percent a buy canada goose jacket C, 5 percent a B and less than 1 percent an A, the survey found. buy canada goose jacket
Canada Goose online Respondents who Canada Goose online passed the quiz are more likely to have a retirement plans, an indication that people who benefit from Canada Goose Online retirement income literacy cheap canada goose uk are more likely to be involved in good financial planning, Hopkins said. Canada Goose online
canada goose coats The survey polled 1,244 Americans between the ages of 60 and 75 with at least $100,000 in household canada goose clearance assets not including their primary canada goose coats on sale homes. canada goose coats
canadian goose jacket Answers were gathered through 20 mintue online interviews conducted between Feb. 16 and March 1. canadian goose jacket
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canada goose store Literacy improved in areas such as housing, Medicare, inflation, taxation and life insurance compared with a similar study conducted in 2014. But many respondents still say they know little about annuities, even if their interest canada goose uk outlet in retirement income remains high. canada goose store
Canada Goose sale 29 percent said that buying an immediate annuity will be more expensive for a younger person than for an older one, this year’s survey found. Canada Goose sale
cheap Canada Goose 17 percent know that the buy canada goose jacket cheap lifetime income payout rates for a 65 year old man is in the 6 percent to 7 percent range. cheap Canada Goose
canada goose clearance 14 percent know that a deferred annuity with guaranteed lifetime withdrawal benefits can pay income even if the investment account drops to zero. canada goose clearance
Nearly one in five respondents say they are not knowledgeable about annuity canada goose uk black friday products in retirement, but 74 percent also say having a source of guaranteed lifetime income in retirement is important.
Canada Goose Jackets This suggests an enduring appetite canada goose black friday sale for annuities, the survey report concluded. Canada Goose Jackets
canada goose clearance sale Fewer than four in ten Canada Goose Coats On Sale understood the basic features of a cash value life insurance policy, while six in ten know that the death benefit from life insurance is tax free, the survey found. canada goose clearance sale
buy canada goose outlet canada goose jacket cheap Over the next few years, income literacy is expected to improve as more uk canada goose outlet people enter retirement uk canada goose age and begin the draw down phase of their lives. buy canada goose jacket cheap
Even canada goose clearance sale so, “We don’t expect America to get a whole lot smarter,” Hopkins said.
Findings About Advisors
In one of the more counter intuitive findings, the study found that only 22 percent of respondents with a financial advisor passed the quiz, compared with 34 percent of those without a financial advisor.
Respondents with canada goose coats advisors feel they can rely on and delegate retirement income issues to him or her, Hopkins Canada Goose Outlet said, while people without advisors are more apt to educate themselves on retirement income challenges.
Of respondents with an advisor, 48 canada goose factory sale percent said it was not important or moderately important for their advisor to act as a fiduciary. Fifty two percent said it was extremely important for their advisor to act as a fiduciary.
Whether an advisor acts as fiduciary or not, however, is lost on many retirement income investors who aren’t familiar with the nuances advisory regulations, Hopkins said.